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Pension Benefits
9 Months Ended
Sep. 30, 2011
Pension Benefits [Abstract] 
Pension Benefits
16. Pension Benefits

The Company has a noncontributory defined benefit pension plan covering all employees who work at least 1,000 hours per year. The participants shall have a vested interest in their accrued benefit after five full years of service. The benefits of the plan are based upon the employee's years of service and average annual earnings for the highest five consecutive calendar years during the final ten year period of employment. Plan assets are primarily debt securities (including U.S. Treasury and Agency securities, corporate notes and bonds), listed common stocks (including shares of AmeriServ Financial, Inc. common stock which is limited to 10% of the plan's assets), mutual funds, and short-term cash equivalent instruments. The net periodic pension cost for the three and nine months ended September 30, 2011 and 2010 were as follows (in thousands):

 

     Three months
ended		    

Nine months

ended

  
     September 30,     September 30,  
     2011     2010     2011     2010  

Components of net periodic benefit cost

         

Service cost

    $ 303      $ 255      $ 909      $ 765   

Interest cost

      301        265        903        795   

Expected return on plan assets

      (393 )      (309 )      (1,179 )      (927 ) 

Amortization of prior year service cost

      2        4        6        12   

Amortization of transition asset

      (4 )      (4 )      (12 )      (12 ) 

Recognized net actuarial loss

      203        142        609        426   
  

 

 

    

 

 

    

 

 

    

 

 

  

Net periodic pension cost

    $ 412      $ 353      $ 1,236      $ 1,059